Nigerian oil company, Waltersmith Petroman gets Equatorial Guinea oil block

A Nigerian energy company, Waltersmith Petroman Oil Limited, has been awarded an oil block in Equatorial Guinea’s Niger Delta basin known as Block EG-23, as reported by ThisDay.

The Details: Waltersmith Petroman Oil Limited and Hawtai Energy Hongkong were granted a 40% participating interest each in the oil block, while Equatorial Guinea’s national oil company, GE Petrol was granted 20%. This is according to a statement from the Equatorial Guinea Government.

This is coming after a keenly contested bidding process in Equatorial Guinea’s 2019 licensing round (EGRONDA 2019). During the process, the government offered members of the international oil and gas industry a total of 27 oil and gas blocks. It also put up the entire continental region of the country for mining exploration, after which it received 21 offers.

Nigerian oil company, Waltersmith Petroman gets Equatorial Guinea oil block 

Chief Executive Officer, Waltersmith Petroman Limited, Mr Chikezie Nwosu, who issued a statement about the petroleum bid, listed the three successful companies which received oil block EG-23 as WalterSmith, Hawtai Energy, and GEPetrol SA. The oil block is said to host the Estaurolita gas discovery.

A press statement from the country’s Ministry of Mines and Hydrocarbon published on its website said, “The Ministry of Mines and Hydrocarbons is pleased to announce the award of nine oil and gas blocks and 15 mining blocks to selected companies that participated in the petroleum bid and the first mining bid in the Republic of Equatorial Guinea (EGRONDA 2019).”

Gabriel Obiang, the country’s Minister of Mines and Hydrocarbon, noted that the EG-23 Block was very important for the country following a recently signed MoU for its LNG train. Obiang hoped that WalterSmith would develop EG-23 and assist the nation to create a reasonable source of gas and hydrocarbons from the oil block.

On his part, Abdulrasaq Isa, Chairman of Waltersmith Petroman Oil Limited assured the Government of Equatorial Guinea that he would live up to expectations. He also promised to work together with other partners to deliver the project.

What you should know: The Equatorial Guinea Ministry of Mines and Hydrocarbons, the Equatorial Guinean Parliament and the President of Equatorial Guinea are expected to endorse the commercial agreements.

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